So, have you bought additional investment properties this year?
- Thread starter HandyAndy888
- Start date
Have you bought ips?
Hiya
Wasn't going to buy as i am concentrating on building a granny flat atm...but couldn't resist this when it came along:
Purchase price 300K
Triple income property; house split into two 2-bedders rented to 2 single men on $165 per week (rental has not been raised since 2005!
) plus double garage rented out to handyman 30 /wk (rental not raised since 2005!)
(i'm going to raise rents by easy $130 /week)
Location: Western Sydney (good part); 15 min walk to major train station and 5 minutes walk to major shopping centre; vacancy rate 1%.
Pros: corner block; zoned Low-Medium Density (maybe townhouses in future?)
Definitely could put granny flat with its own entry. (80 K to build with 250 rent)
Similar houses have transacted 350 K in the last 24 months
Cons: old fibro house; maybe 50 years old probably need 10-15K reno
Qn: tenants are happy as they are; would you evict them and reno? or raise rents and let them stay? (but probably cannot enter to reno?)
Hiya
Wasn't going to buy as i am concentrating on building a granny flat atm...but couldn't resist this when it came along:
Purchase price 300K
Triple income property; house split into two 2-bedders rented to 2 single men on $165 per week (rental has not been raised since 2005!
) plus double garage rented out to handyman 30 /wk (rental not raised since 2005!)(i'm going to raise rents by easy $130 /week)
Location: Western Sydney (good part
); 15 min walk to major train station and 5 minutes walk to major shopping centre; vacancy rate 1%.Pros: corner block; zoned Low-Medium Density (maybe townhouses in future?)
Definitely could put granny flat with its own entry. (80 K to build with 250 rent)
Similar houses have transacted 350 K in the last 24 months
Cons: old fibro house; maybe 50 years old
probably need 10-15K renoQn: tenants are happy as they are; would you evict them and reno? or raise rents and let them stay? (but probably cannot enter to reno?)
Should have specified good luck them staying on with a $130/w rent rise.
Could be done though, depending on how reasonable they are. Could maybe mention they have been paying WAY below market for so long, and that will need to be corrected, maybe over a 2 year period (just an example here).
Could be done though, depending on how reasonable they are. Could maybe mention they have been paying WAY below market for so long, and that will need to be corrected, maybe over a 2 year period (just an example here).
Tenants
HIya
Should also have mentioned they both work literally 15 minutes WALK away; no need for a car...my dilemma is whether to take vacant possession in order to do reno or let them stay as they are....they have mentioned they are happy to stay and they are aware there will be a rent increase...
On a side note, it is very sad but i am increasingly made aware that there is a large proportion of single men in theirs 40s (divorced, separated, personal issues etc) who are desperately seeking accomodation in Sydney...
One of the tenants for eg. when i looked in his bookcase is one of the most erudite readers i have seen...his tastes span science fiction (Ian Banks?Bains?), travelogues, cookery books and the occasional philosophy ...he speaks well and presents well in my crappy 2 bedder house....
Geez...he was so well spoken and gentle i told my hubby i will like to introduce him to my (soon to be divorced) sister...
HIya
Should also have mentioned they both work literally 15 minutes WALK away; no need for a car...my dilemma is whether to take vacant possession in order to do reno or let them stay as they are....they have mentioned they are happy to stay and they are aware there will be a rent increase...
On a side note, it is very sad but i am increasingly made aware that there is a large proportion of single men in theirs 40s (divorced, separated, personal issues etc) who are desperately seeking accomodation in Sydney...
One of the tenants for eg. when i looked in his bookcase is one of the most erudite readers i have seen...his tastes span science fiction (Ian Banks?Bains?), travelogues, cookery books and the occasional philosophy ...he speaks well and presents well in my crappy 2 bedder house....
Geez...he was so well spoken and gentle i told my hubby i will like to introduce him to my (soon to be divorced) sister...
I hope your liability insurance covers you.
I don't touch non council approved dwellings for this exact reason
Thanks
Out of interest, who with and is it separate policy for each dwelling?
Thanks Virgo, for my duplex site I have 2 separate building & landlord policies
but they are 2 separate buildings and with dividing fence.
Originally voted no, but we did buy another one last week.
The vendor didn't accept our first offer...so about 3 weeks later we offered 37.5% less (anonymously) and he accepted.
Original price was $15K...we offered $16K, we wanted to pay by installments over 30 months.
Ended up paying $10K,(cash) + $254 closing costs
We spent about $3K on the property.
Signed a lease yesterday with a tenant at $650 month.
Our costs per month are $200. (mobile home lot rent,property taxes and insurance)
I love stupid vendors.
The vendor didn't accept our first offer...so about 3 weeks later we offered 37.5% less (anonymously) and he accepted.
Original price was $15K...we offered $16K, we wanted to pay by installments over 30 months.
Ended up paying $10K,(cash) + $254 closing costs
We spent about $3K on the property.
Signed a lease yesterday with a tenant at $650 month.
Our costs per month are $200. (mobile home lot rent,property taxes and insurance)
I love stupid vendors.
I bought a unit in Liverpool yielding 8% (my first 1 in this suburb).
I missed out on 1 in Roselands.
I'm looking everywhere atm, but yields are the problem.
It will require a basic reno, like new paint, new taps, vanity and a bit of TLC
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